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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: Apollo who wrote (54650)12/9/2003 12:22:21 PM
From: Stock Farmer  Read Replies (2) of 54805
 
Good idea for this thread too.

I've got an average of less than 1% of Total Portfolio Value in each of 17 publicly traded low-tech common shares including Altria, GE, Pfizer, Scotiabank, etc.. adding up to 12% of TPV.

5% of TPV in speculative out-of-favor high tech (NT, LU)

8% (at cost) of TPV in private equity securities
2% (at cost) of TPV in private debt securities
2% of TPV in cash
71% of TPV in "G&K cash" (actually long-term high yield fixed income and preferred convertibles in multiple currencies, majority now non US$)

What did I learn? That the greater fool theory is indeed alive and well (at least in my case... LOL...) and that valuation is a great tool for downside protection over the long term, but that it is also an equally great tool for upside avoidance in the short term where the madness of crowds dominates.

My exit strategy in case of a bubble? Same old same old. Buy great companies at reasonable prices whenever one of 'em goes on sale and sell when my long term objectives for the position are met. If someone is willing to pay me 8x for a position I hoped to get 15% over a 15 year term... well, I'd be hoping for more than I'd hoped for if I turn him down.
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